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The number of U.S. banks has fallen by 24% since the end of 2010, a result of mergers, failures and a dearth of de novo activity. Here are the 10 states with the biggest declines as a percentage of total banks headquartered in the state, according to Federal Deposit Insurance Corp. data.
Arizona (58% decline)
When the housing bubble burst, it put a world of hurt on Arizona’s banks. The number of banks based there fell from 40 in 2010 to 17 on Dec. 31, including six failures. Nine other banks elected to sell themselves. Heartland Financial in Dubuque, Iowa, led by CEO Lynn Fuller, scooped up two of those institutions: First Scottsdale Bank and Heritage Bank.